Southern company owns a building that it leases to others. the building’s fair value is $2,350,000 and its book value is $1,560,000 (original cost of $2,950,000 less accumulated depreciation of $1,390,000). southern exchanges this for a building owned by the eastern company. the building’s book value on eastern’s books is $1,710,000 (original cost of $2,550,000 less accumulated depreciation of $840,000). eastern also gives southern $235,000 to complete the exchange. the exchange has commercial substance for both companies.
required: prepare the journal entries to record the exchange on the books of both southern and eastern. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Bill is 31 years old, married, and lived with his spouse michelle from january 2018 to september 2018. bill paid all the cost of keeping up his home. he indicated that he is not legally separated and he and michelle agreed they will not a file a joint return. bill has an 8-year-old son, daniel, who qualifies as bill's dependent. bill worked as a clerk and his wages are $20,000 for 2018. his income tax before credits is $500. in 2018, he took a computer class at the local university to improve his job skills. bill has a receipt showing he paid $1,200 for tuition. he paid for all his educational expenses and did not receive any assistance or reimbursement. bill does not have enough deductions to itemize. bill, michelle, and daniel are u.s. citizens with valid social security numbers. 8. bill does not qualify to claim which of the following: a. head of household b. education benefit c. earned income credit d. all of the above